New York REIT taps RKF to sell retail holdings

Embattled company is liquidating 3.3M sf of real estate

New York /
Jun.June 20, 2017 03:20 PM

New York REIT TRData LogoTINY hired RKF’s investment sales division to oversee the selloff of its standalone retail properties as the troubled real estate investment trust liquidates its $2.78 billion office-and-retail portfolio.

RKF vice chairman Jeff Fishman will lead a team marketing the assets, the bulk of which are concentrated on Bleecker Street. The buildings are located in such neighborhoods as Midtown West, Tribeca and Greenwich Village.

“We’ll be marketing them both individually and as a portfolio – whatever will bring best results for the seller,” said Fishman, who declined to comment on pricing.

New York REIT, whose board last summer approved a plan to dissolve the company amid an accounting scandal that caused share prices to plummet, was formed in 2009 as a vehicle to acquire real estate at the bottom of the market.

The REIT acquired the seven standalone retail properties between 2010 and 2012 for a total of $99 million, records show.

In late 2010, it bought six retail condominiums at 367-369, 382-384 and 387 Bleecker Street from Beck Street Capital for $35 million. The REIT increased its holdings on the trendy shopping corridor in 2013 when it picked up a retail co-op and parking garage at 350 Bleecker Street for $10.9 million.

The properties are tenanted with fashion brands Burberry, Michael Kors, Havaianas, APC and Sarah Pacini. The 480-square-foot condo at 387 Bleecker, however, is vacant. And amid high retail availabilities across the city, Bleecker stands out as one of the more troubled areas.

Fishman referred to Bleecker as the “more the value-add part of the portfolio” and could attract a separate buyer from the other properties.

Those include a retail condo at 416 Washington Street in Tribeca, the retail portion of the One Jackson Square condo building at 122 Greenwich Avenue in the Village and a retail condo and parking garage at 350 West 42nd Street at the base of Extell Development’s Orion apartment building in Midtown West.

Wendy Silverstein, who was appointed head of NYRT in February to oversee its liquidation, said the decision to select Fishman and RKF to sell off the retail was one she made “shortly after I came on board as CEO.”

The REIT is in the midst of liquidating its 3.3 million-square-foot portfolio, which it expects to be completed by the end of March.

Eastdil Secured and CBRE are handling the sale of crown jewel in the portfolio – the 1.8 million-square-foot One Worldwide Plaza – as well as the 756,000-square-foot 1440 Broadway. Eastdil is also marketing the 240-key Viceroy Hotel on West 57th Street, and CBRE is overseeing the sale of the parking garage at the base of the Centurion condo building at 33 West 56th Street. Cushman & Wakefield is marketing the remainder of the portfolio.

(To view more of New York REIT’s commercial sales transactions, click here)


Related Articles

arrow_forward_ios
Mayor Bill de Blasio (Getty, iStock)
NYC to require vaccines for indoor dining, gyms and performance venues
NYC to require vaccines for indoor dining, gyms and performance venues
Family feud for $11M Lundy’s restaurant building boils over
Family feud for $11M Lundy’s restaurant building boils over
Family feud for $11M Lundy’s restaurant building boils over
The rise of e-commerce, fueled by the pandemic, has created unprecedented demand for cardboard-producing facilities. (iStock)
Cardboard demand could fuel an industrial real estate boom
Cardboard demand could fuel an industrial real estate boom
MSCI CEO Henry Fernandez and Real Capital Analytics founder Robert White (MSCI)
MSCI to acquire Real Capital Analytics for $950M
MSCI to acquire Real Capital Analytics for $950M
Donald Trump and the Trump International Hotel & Tower in Chicago (Getty, iStock)
Donald Trump is owed $1M tax refund on Chicago skyscraper
Donald Trump is owed $1M tax refund on Chicago skyscraper
From left: One WTC, Douglas Durst, Donald and Steven Newhouse (iStock, Getty)
Condé Nast pays back rent at One WTC, ending standoff with Durst
Condé Nast pays back rent at One WTC, ending standoff with Durst
Floor & Decor CEO Thomas Taylor and 4 Henry St in Commack (Floor & Decor and Google Maps)
Floor & Decor moving into site of shuttered Target in Commack
Floor & Decor moving into site of shuttered Target in Commack
Mayor Steven Fulop (Getty, iStock)
Jersey City to provide up to $10K more rent relief per tenant
Jersey City to provide up to $10K more rent relief per tenant
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...